AI in supply chain market to be worth $58.55B by 2031, says report

by Inside Logistics Online Staff

According to a new market research report by Meticulous Research, the AI in supply chain market is projected to reach US$58.55 billion by 2031, at a compound annual growth rate of 40.4 per cent from 2024 to 2031.

The adoption of artificial intelligence in the supply chain is launching a new era of industrial transformation. AI allows companies to automate tasks, forecast demand, optimize routes, manage inventory and monitor security, compliance and other supply chain tasks. In addition, AI is used to optimize inventory management, reduce waste and conserve resources by ensuring that the right products are in the right place at the right time.

Some of the factors driving the growth of this market are the increasing incorporation of artificial intelligence in supply chain operations and the rising need for greater visibility and transparency in supply chain processes. However, the high procurement and operating costs of AI-based supply chain solutions and the lack of supporting infrastructure restrain the growth of this market.

The AI in supply chain market is segmented by offering (hardware (processors, networking, and storage), software, and services (deployment and integration services, connectivity services, support and maintenance services and consulting services)), technology (machine learning, computer vision, natural language processing, context-aware computing and robotic process automation), deployment mode (cloud-based deployments and on-premise deployments), application (demand forecasting, supply chain planning, warehouse management, fleet management, risk management, inventory management, predictive maintenance, real-time supply chain visibility and other applications), end-use industry (manufacturing, food and beverage, health care and pharmaceuticals, automotive, retail, building and construction, medical devices and consumables, aerospace and defense and other end-use industries).

The study also evaluates industry competitors and analyses the market at the regional and country levels.

Visit here to download a copy of the report.